The median 401(k) account balance for women is 65 per cent lower compared to men, according to a new survey by T. Rowe Price. The survey, which polled roughly 3,900 401(k) plan members and more than 1,100 retirees, found the median annual contribution for women was 43 per cent less than men. It also found women are […]
Employers in traditionally male-dominated industries can use flexible benefits and a diversity-minded approach to hiring to attract more female talent, says Deirdre Chong-Smith, a compensation consultant at Eckler Ltd. “Something that tends to get overlooked when thinking about an inclusive workplace is having a flexible benefits package that can cover any type of person or […]
Canada’s gender pension gap is growing as Canadian women received an average of 18 per cent less retirement income than men in 2020, according to a report by Ontario’s pay equity office. It found the gap is more pronounced among women in visible minority groups (37 per cent), among sources of private retirement income (28 per […]
A quarter of single seniors live below the poverty line in Canada and the problem is getting worse, with employer-sponsored pension plans not accessible to 40 per cent of low-income employees. It’s especially severe among personal support workers, 80 per cent of whom don’t have a workplace pension. The situation is beyond unconscionable, says Tyler […]
Raising the minimum wage to $14 per hour in 2018 reduced the racialized wage gap, particularly for women, according to a new study by the Canadian Centre for Policy Alternatives. Amid rising employment, the study showed the estimated increases — on an hourly basis — for Black women (4.9 per cent) and other racialized women (4.7 per […]
Many Canadian companies are taking measures to increase pay equity among employees, with 69 per cent saying they’ve observed salary discrepancies between new hires and more tenured staff in the past year, according to a new survey by Robert Half Canada Inc. The survey, which polled more than 200 C-suite executive across a wide range of […]
The gender wage gap in Canada continues to persist, with women earning 23 per cent less in total income than men in 2020, according to a report by ADP Canada Co. Surveyed Canadian working men were significantly more likely to make more than $80,000 in pre-tax salary, while working women were more likely to make between […]
A series of legislative changes to Canada’s labour code aiming to make workplaces healthier, safer and fairer took effect as of Jan. 1, 2021. The changes include new pay transparency regulations for federally regulated, private sector employers with 100 or more employees. According to a press release, the move makes Canada the first country to […]
Although Canada has a wide range of federal and provincial legislation intended to ensure Canadians can benefit from the labour market equally, gender wage gaps continue to persist along gender and race lines, according to a new report by the C.D. Howe Institute. In good news, the gender wage gap, on an hourly basis, is starting to […]
With cohorts in the workforce behaving differently as they prepare for retirement, it’s important for plan sponsors to consider these differences along gender and generational lines. At Benefits Canada’s 2019 Defined Contribution Investment Forum in Toronto on Sept. 27, Jean Young, senior research associate at the Vanguard Center for Investor Research, shared a survey that […]